Equities gain with chipmakers; oil rises to 5-week high
SPY•Stocks rise as chipmakers lead gains
Major stock indexes rose on Tuesday with the Nasdaq and chipmaker shares surging, while oil prices climbed to a five-week high amid rising tensions in the Iran conflict.
Benchmark 10-year U.S. Treasury yields reached a two-month high as traders considered whether the renewed spike in oil prices will feed through to consumer prices and raise the odds of Federal Reserve interest rate hikes further.
Two oil tankers carrying Saudi crude to Asia reversed course in the Red Sea after threats from Yemen's Iran-aligned Houthis.
Indexes, rates and currencies move higher
The Dow Jones Industrial Average .DJI rose 395.97 points, or 0.76%, to 52,235.23, the S&P 500 .SPX rose 63.60 points, or 0.85%, to 7,506.88 and the Nasdaq Composite .IXIC rose 342.90 points, or 1.34%, to 25,850.97.
